Absolute Markets Insights (AMI) reports a robust growth forecast for the global neuromonitoring devices market during the forecast period (2021 – 2029). In its newly released report, AMI anticipates that the market will grow at 6.8% as advancement in technology are rapidly leading the market towards growth. AMI reports that the market stood at a valuation of US$ 7022.33 Mn in 2020.
Neuromonitoring is defined as a technology that allows the surgeon to assess spinal cord function at the time of performing surgery on patients. It provides real-time feedback from motor tracts, individual nerve roots, and sensory tracts. Devices enabling the use of this technology are known as neuromonitoring devices. During ongoing surgical manipulation, the surgical team can obtain real-time information about the status of the patient's nervous system through intraoperative neuromonitoring. The objective of neuromonitoring is to prevent the risk of iatrogenic injury that the patient can suffer. Neuromonitoring devices can not only detect the key neural structures in the surgical times, they can also help reduce and stop impairment as well as postoperative damage.
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The increasing prevalence of neurological diseases is the biggest driver of global neuromonitoring devices market growth. According to statistics from World Health Organization (WHO), about 21% population would be aged population that would require frequent medical care by 2050. Aging is considered one of the main risk factors related to neurological problems. About 23% of adults over the age of 65 suffer from neurological diseases. Neurological disorders are the cause of over 6.6% of disabilities that the geriatric population suffers from. Other factors driving the market growth include potential hazard management, rise in number of medical procedures, technological advancement, and surge in selection of intraoperative neuromonitoring by emergency clinics.
Global neuromonitoring devices market is largely impacted by the global pandemic crisis of the COVID-19 epidemic that originated in China. Many countries are now allowing only those surgeries that are meant to cure life-threatening problems so that maximum medical infrastructure can be utilized for providing medical care to the patients. Many neuromonitoring devices are being purchased in order to ensure extra safety for patients who have to go through surgeries. Several countries are modifying their medical staff and equipment to deal with the Chinese virus and its complications. In May 2021, iCE Neurosystems obtained 510(k) Clearance from FDA for brain monitoring devices that are used in critical illness such as COVID-19. The approved devices are part of the iCEWav neuromonitoring platform. Together, they feature minimally invasive electrodes, custom cloud software and integrated multiparametric data to drive AI-based clinical decision support.
Increasing medical tourism is a major opportunity that is estimated to boost the global neuromonitoring devices market over the period of next eight years. Neuromonitoring devices are useful in spine surgery, which is one of the fastest growing specialties in medical tourism. Moreover, medical tourism is also expected to increase awareness regarding the importance and implementation of intraoperative neuromonitoring during surgeries. In February 2021, Valiant Clinic and Hospital of Dubai begun its efforts to set new standards in luxury medical care due to its popularity among medical visitors from the region and across the world as a health and wellness destination. For medical tourism, this hospital is a major attraction in Dubai.
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Neuromonitoring Systems were the most Demanded Components in Market during 2020
According to Absolute Market Insights report, the systems segment held the largest market share in the global neuromonitoring devices market in 2020 and is expected to be the fastest growing segment during forecast period due to various benefits that the technologically advanced systems could offer in a wide range of medical procedures. Intraoperative neuromonitoring system is a key example of systems that are necessary and in high demand in this market because the system is used for the continuous surveillance of a patient‘s nervous system, when it can be at risk of injury during surgery. Systems like C2 Xplore have powerful hardware that provide the optimum solution for intraoperative neuromonitoring (IONM) that is both efficient as well as safe. The digital solutions developed by C2 Xplore offer more comfort to patient during surgery and post-operative evaluation. With easy data acquisition and simplified analysis, such systems optimize surgical performance and improves treatment results. The demands for these systems is strong because they are useful for brain mapping, carotid surgery, colorectal surgery, ENT surgery, spine surgery, and thyroid surgery.
Neurosurgery Applications in Neuromonitoring Devices Market was leg the Growth in 2020
According to Absolute Market Insights report, neurosurgery segment held the largest market share in the global neuromonitoring devices market in 2020 due to increasing prevalence of various neurological disorders across the globe. Rising geriatric population is more susceptible to neurological disorders and other health problems. This is also providing a boost to the market growth as neuromonitoring devices are necessary to evaluate and diagnose people suffering from such disorders. Other factors contributing to the market growth include awareness among people regarding the availability of effective treatment alternatives for neurological disorders, growing preference for neuroendoscopy surgeries over traditional brain surgeries, and increasing health consciousness. ISIS Xpert is the new INOmed ISIS IOM generation device, which is the key technology for intraoperative neuromonitoring. Offering measurement modalities from MEP to SEP, ISIS Xpert is individually configurable. ISIS Xpert Plus and ISIS Xpress are two variants of ISIS Xpert. Measurement modalities for which ISIS Xpert offers flexible configuration include AEP, EEG, EMG, MEP, SEP, and VEP. Similar devices are arriving in market due to technological advancements, which showcase substantial growth opportunities for the segment’s growth in the global neuromonitoring devices market over the forecast period.
Hospitals Accounted for the Highest Share as End Users of Neuromonitoring Devices in 2020
According to Absolute Market Insights report, hospitals segment held the largest market share in 2020. Rise in the concern towards quality treatment is leveraging the segment’s growth in the global market. Medical professionals require these devices more frequently for their procedures. Moreover, substantial investments towards upgrading of the infrastructure is also aiding towards the segment’s growth in the global market. In April 2021, Viseon Inc. announced international adoption of the MaxView System for advanced single-position spine surgery procedures that are minimally invasive and are commonly conducted at the hospitals.
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Indirect Distribution Channels expected to Generate More Sales during the Forecast Period (2021 – 2029)
The direct distribution channels was the largest segment in the global neuromonitoring devices market in 2020. During the forecast period (2021 – 2029), indirect distribution channels segment is expected to be the fastest growing segment because due to coronavirus pandemic, people need to restrict their movement as much as possible. Commercial retailers and online retailers are collaborating with medical device developers to buy and stockpile these things at their retail platforms and stores, enabling convenience in procurement of the systems. Collaborating with indirect distributors increases the reach of their products and services in the market.
Adoption of latest technologies kept the market strong in the North America Region in 2020
AMI reports that North America region was the largest regional market in the global neuromonitoring devices market in 2020 due to presence of key market players, adoption of latest technologies, launch of innovative devices, availability of advanced medical infrastructure, high investment in medical research, increasing investment along with government support in research & development (R&D) regarding technology meant for developing neuromonitoring devices, are boosting the market in this region. Increased emphasis on patient safety after surgical treatment along with requirement for remote neuromonitoring is also contributing to the market growth in this region. In October 2020, Medtronic received FDA 510(k) clearance of NIM Vital which was a next generation intraoperative nerve monitoring system. NIM Vital enables physicians to identify, confirm, and monitor nerve function so that they can take appropriate steps to reduce the risk of nerve damage during head surgery and neck surgery of a patient.
Some of the key players in the global neuromonitoring devices market are Cadwell Industries Inc., inomed Medizintechnik GmbH, Integra LifeSciences, Medtronic, Moberg Research Inc., Natus Medical, Neurosoft, Neurostyle, Neurovision Medical Products, and Nihon Kohden Corporation, amongst other market participants.
Global Neuromonitoring Devices Market:
By Component
- Systems
- Accessories
- Stimulation Probe
- Tubes
- Electrodes
- Others
- Services
By Application
- Neurosurgery
- Spine Surgery
- Vascular Surgery
- Facial Nerve Surgery
- Rectal Surgery
- Colorectal Surgery
- Brain Mapping
- Thyroid Surgery
- Ear, Nose and Throat (ENT) Surgery
- Others
By End User
- Hospitals
- Ambulatory Surgical Centres
- Others
By Distribution Channel
- Direct
- Indirect
By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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